Compound Interest Practice Test 1

Question : 17 of 40

Marks: +1, -0

Find the interest received by Lata’s father if he deposited Rs 35,00,000 for 2 years at 6% p.a. compounded annually.

Solution:

CI = 35,00,000 (1+6/100)^2-35,00,000

= 35,00,000 [(106 /100)^2-1]

=35,00,000×1236/10000=4,32,600

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